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debt settlement coaching such as zipdebt ..

Thu, 07/03/2008 22:44

I decided that i wanted to d debt settlment. I was going to go wiht Superior but then read about debtxpert. After visiting his site I learned that because I have only $1200o in debt i dont qualify for his program but should do it myslef. However i have seen debt coaching programs such as zipdebt and am wondering about those. I am not the most aggressive person in the world nor do i know the ins and outs of cc settlment. It would be nice to have some help, advice and a listening ear through the process.. Here is a rundown of my situation.

I am going through a seperation, having been a sahm the first step has been employment my next concern it trying to eliminate debt asap..

my debtdiscover $4700 (didnt pay last payment since was plannin on SDS, so its two weeks late same with pennys other our ccurent)wellsfargo $4800 jcpenny $1000paypal $500

After reading through deptxpert.com forums i have saw that its best to settile pre charge since i cant do all in 6 month i did see suggestion about keeping current on some untill i am in a situation to settle those in 6 months. alsor ead discover wont settle if you are current on more than one so i am thinkin that should be the last to settle.

I am thinking I should settle paypal and jcpennys ( i do have just under $1000.00 put aside) then work on WF then Discover. Is this a good idea and is there a way to get coaching and help the is legitimate and actually helpful?

Negotiating settlements yourself will help you save
money on retainer fees, commissions, etc... Rememeber, different
creditors have different criteria, all of your creditors may not want to
settle and wait until charge off and get a collection company involved.
You can also settle with collection agencies as well. I believe PayPal
may not settle for much but try it. JC Penny, may refer their account
to a law office when they hear settlement but it is worth a try, I have
seen this happen in the past. Wells Fargo may react the same way as
JCPenny.

Discover will refer the account for collection to Zwicker and Associates
and they usually only offer to settle accounts for 70 cents on the
dollar, meaning a 30% savings.

Looking at your total debt I will venture to say by the time you are
done settling all accounts you will save no more than 4 thousand dollars
even if you join a settlement program. You will be better off
negotiating the smaller accounts first and continue making payments on
the higher ones, this is a good strategy if funds will not be readily
available to settle all accounts at once.

Remember, late fees, interest rates, will continue to accumaulate on the
unpaid accounts, these added fees are to be kept in mind as they will
become part of your balance when you settle.

Great coaching is available out there, best advise on your total debt,
pay no more than $500 for anyone to coach you on how to negotiate tyour
debt. You can do it, there is no need to be a negotiator or a salesman
to settle your debt. Simply read up as much material available
regarding debt settlement. Good luck.

I agree with this--however, only after you make minimum payments to all
your ccs. Otherwise, you have late fees & they can also jack up
your interest rate to 24.99%!!!! Also, you preserve your credit if you
can make the minimum payments.Another possibility: sometimes by talking with the company, e.g., Wells
Fargo, knowing your situation, they might be willing to skip a month of
payment. Yes, interest continues to accrue for that month, but that
might allow you to keep something else current.Best of luck to you!

Sub: #2 posted on Sat, 07/05/2008 - 11:48

Unregistered

If you
are going to stay current on your payments, I would contact credit card
debt Reducers. I think their site is the same
name.

Sub: #3 posted on Sat, 07/05/2008 - 12:40

Unregistered

Dear
Drowningindebt ,

From your post it seems to me that you have a total debt of $11000. Now,
let me ask you???????are you on the brink of bankruptcy? If no then
please avoid debt settlement because it will affect your credit score by
almost 200 points. Debt settlement is considered only to be a bankruptcy avoiding solution. So, my advice to you
is: - Look before you Leap.

I think debt consolidation program can be a feasible option
for you where the debt consolidating company will negotiate with your
creditors and try to lower the apr and also waive off the late payments.
In this way your monthly payment amount will decrease significantly.

I also
think that debt consolidation program is the right option for
you.

Sub: #5 posted on Sat, 07/05/2008 - 15:06

Unregistered

I
google credit card debt reducers but only pulled a software program to
buy up. I did talk with several credit counseling and debt consolidation companies and they said my min.
payment would go up $100 a month. My concern is if our seperation does
not work then i will have a hard time paying the min.. payments let
alone more. this cc are in my name only. I am trying to get them taking
care of while we are working on things.

Sub: #6 posted on Sat, 07/05/2008 - 20:57

Unregistered

Also I
appreciate all of the advice very much...

Sub: #7 posted on Sat, 07/05/2008 - 20:57

Unregistered

I have
three Discover cards with Zwicker. They will not budge at all. I'm
trying to get a home equity loan to pay all debt. Why won't they budge.
Does anyone know. Help!

Sub: #8 posted on Sat, 07/26/2008 - 09:00

Unregistered

Zwicker will only settle for about 70 cents on the
dollar, I have never heard of them actually suing anybody. But like
everything else the sooner you come up with the cash to settle the
betetr off you are.

I have read an interesting article on EZine called Negotiate debt settlements Yourself, worht taking a look, it
explains how to deal with collection lawyers such as Zwicker. Good
luck!

By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.

Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.

Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.

Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.

The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.